By Lukman Olabiyi
Lagos State Governor, Mr Babajide Sanwo-Olu yesterday signed the 2023 appropriation bill of 1.76trn to law at the State House, Ikeja.
Sanwo-Olu said the budget tagged budget of continuity is to complete all ongoing projects in different parts of the state.
It would be recalled that on October 27, 2022, Sanwo-Olu presented a N1.692trn to the state assembly, which was passed on December 12, 2022 by the lawmakers. The assembly, however, raised the approved budget by N76b to N1.768trn.
The governor, while presenting the budget to the state assembly, said the state government is expecting a N1.342 trillion revenue to fund the budget.
A breakdown of the approved budget size shows the sum of N748 billion was allocated as recurrent expenditure and N1 trillion as capital expenditure for the year ending 31st December 2023.
A closer look at the estimates passed by the assembly revealed that the recurrent expenditure was reduced by N9b while the capital expenditure was increased by N68bn.
Speaking after signing the budget, Sanwo-Olu, who said N1.09trn of the budget would be for capital expenditure, N748bn is for recurrent expenditure, thanked the leadership of the state assembly for the timely consideration of the budget and making the process through a rigorous exercise.